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Customary Expenses:

Seller:

Real estate commission - the fee that the Seller pays to their agent, per their agreement

Title search and exam - this is the search of Public Records, necessary on every closing. Title company uses this search in order to issue title insurance. It also assures the company that the title is marketable and that the buyer will get a clean title after closing.

Owner's Policy of Title insurance - typically Seller pays for the title insurance. It benefits the buyer and assures that the seller is passing a clean marketable title to the buyer.

Taxes - Seller is typically responsible to pay the documentary stamps on the sale. This fee is charged by the county where the property is located, and in most counties the charge is $0.70 per $100 of the sales price. For example, the documentary stamps on the a $100,000 sales price will be $700.

Prorations - tax and homeowners association dues are usually prorated at closing, so that both the buyer and the seller pay their respective shares of the expenses, based on their ownership of the property during the year. For example, if the closing occurs in the middle of the year, the seller will be responsible for half of the real estate taxes, and the buyer will be responsible for the other half. These calculations are done at closing, and reflected on the closing statement.

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